There are two types of audits that the Internal Revenue Service conducts with regard to businesses. The first type, known as a correspondence audit, is conducted via postal mail. The IRS uses these audits to request and review addition information about income and expenses or the deductions taken on … [Read more...] about Where does the IRS hold business return audits?
Audits don’t just come from the IRS
When you hear the word audit, you likely envision the federal tax process and an audit on your federal tax return. While a federal tax audit is always a possibility -- and some entities and returns are more likely to trigger one -- you or your business may also be at risk for a sales tax or use … [Read more...] about Audits don’t just come from the IRS
4 ways you might trigger an IRS audit
No Texas resident wants to face an IRS audit, which is why it pays to be careful on your tax return. Some mistakes -- or even situations -- can put you at higher risk for triggering an audit. One of the top flags that triggers an audit, according to Intuit, is simply earning over $200,000. In … [Read more...] about 4 ways you might trigger an IRS audit
What are the types of tax audits from the IRS?
It's likely every individual or business in Texas knows that Internal Revenue Service tax audits exist, but they might not realize that there are different types of audits. Audits occur when the IRS decides to more closely examine your tax return. Sometimes this occurs because there is a red flag or … [Read more...] about What are the types of tax audits from the IRS?
Texas companies should keep certain records in case of tax audit
Though the overall likelihood of an IRS audit remains small, businesses do have a higher risk of raising IRS flags than most individuals. A simple mistake or a sudden change in IRS tax forms might be enough to earn the eye of a tax auditor, and when an audit does strike, businesses have to be … [Read more...] about Texas companies should keep certain records in case of tax audit
Texas residants can appeal appraisals to reduce tax burdens
For residents and businesses of Texas, the changing value of property can impact tax burdens. During regular audits of property values, appraisers can adjust values of home and commercial buildings up or down. Though an upward adjustment can be good for resell value or equity, a large bump in … [Read more...] about Texas residants can appeal appraisals to reduce tax burdens